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SHOULD YOUR TEEN HAVE A SEPARATE INSURANCE POLICY?
If you have kids, you will eventually have teens that are old enough to drive. It is an exciting time for these new drivers, but it is just the opposite for parents. Teenagers are 3 times more likely to have an accident than young adults in their 20s. Most of the accidents are because of inexperience and riskier behavior. Since this is the case, a new driver can be very costly to insure, whether you add them to your policy or they have their own. There are benefits with each option as well as drawbacks. Is it better to carry your teen on your policy or for them to have their own policy? It depends…
SHORT PATH OR LONG ROAD?
In most situations, parents will be paying for the insurance that covers the teen’s automobile. The pricing for insurance depends on many factors though…the make, year, model, and type of a vehicle, the age and gender of the driver, the financing of the vehicle, the coverage, and also the credit score of the policy holder. Because of the way insurance is evaluated for cost, a teen will have a very pricey policy separate from the parent(s). The flip side, that parents consider, is adding a teen to their already established policy.
Adding your teen to your policy can first, gain a multi auto discount, helping offset the higher cost of a teen. The teen can also enjoy the other discounts that have been earned with the policy. The benefit of adding your teen, is the lower premium vs the higher premium with a separate policy. There are other things to consider though. If an accident happens with your teen, a policy that has few to no claims will be affected for years after a claim, with higher premiums.
Lower premiums, when adding a teen, is more helpful to the monthly budget, than paying for the higher costing separate policy. A benefit for sure, when parents are paying for that insurance. However, is there a goal of establishing insurance and credit history for a teen? When a teen has their own policy, they will build in their name. This could be beneficial for your teen and will also not affect your policy. Both routes should be discussed and considered with both short term and long term planning.
WAYS TO SAVE WITH A TEEN DRIVER
Whether you decide on a separate policy for your teen or add them to your own policy, there are ways to save on their insurance.
Many insurance providers reward good students with discounts. Students that maintain a 3.0 gpa or higher can enjoy cheaper rates. The reasoning is successful students are lower risk for claims. This discount can be a win/win for parents!
Another way to save on a teen’s insurance is carefully choosing the automobile for your teen. Providers will rate the make, model, year, and type of vehicle. Of course, higher priced vehicles come with higher insurance. A first car or truck for a teen is a big deal but more modestly priced vehicles will be less to insure. Also, there are ‘safer’ autos that can lessen premium cost. These safer cars are less likely to be stolen and fare better in crashes. With a little homework, a starter car be found that helps with monthly premium cost.
Your best route of adding to your own policy or buying a separate policy depends on your budget and goals. Just remember to discuss and compare early so you will be all set when they get that learner’s permit!
After years of experience, driving will change for a senior citizen. From insurance changes to physical challenges, everyday driving will be increasingly more difficult. If you have family members in their early 60s, now is the time to prepare for these changes.
As a consumer, you have certain rights when a collision happens and repairs are performed. These rights can vary from state to state. In the state of Oklahoma, be sure to know your rights when you are in need of repairs for your vehicle.
Oh the stress of studying for your driver’s license! It may have even been decades ago, but we all still remember the many rules we had to learn in order to obtain a license. Unfortunately as the days and years pass, we forget many of the laws we were required to know and observe as drivers. And each day, many drivers break these laws. Because the rules are in place for safety, it is important for a refresher course. Avoid needless collisions and tickets by relearning the driving laws you may have forgotten.
We drive to work, we drive for fun, and we drive to vacation destinations. No matter the reason for our driving, the most important thing is to be safe. While our vehicles are still evolving with the latest safety features, there are gadgets and accessories that can assist with that safety. Whether it’s for beloved family or the person who has everything, these are 5 gifts that can give that driver some peace of mind.
Road Rage is at an all-time high with congested commutes and full schedules. No matter if it’s the highway, city street, or rural 4-way stop, there are everyday situations that are frustrating drivers. Even the drive-thru can present a disagreement with driving. So, what is happening? Even if there are more vehicles on the road, there are written laws and unwritten courtesies that we should be observing. However, many times there are two sides to a story…
The majority of hit-and-run accidents involve a parked vehicle. And over 60% of those happen in parking lots. You may have been a victim of this type of accident and discovered the damage once you returned to your car. This is the fear of any driver, returning to a damaged car with no idea what happened or who is responsible. Being a victim in the situation can ruin anyone’s day but what if you are the one who hit the parked vehicle? There are actions you must take to protect yourself in this situation.
Technology has brought us many features for our vehicles. Some are for convenience and some are for safety. Even some are just for fun. One of the latest gadgets that is all 3 is the dash cam. Chances are you have seen dash cam footage on Youtube or Facebook. The camera records road activity from the dash or front windshield vantage point. There are also dash cams that record the activity behind the vehicle. With video being the most credible evidence available, this affordable purchase should be considered. These are the many reasons to buy a dash cam now…
No one plans on having an accident but it happens. And the reality is there is probability of it happening while we are far from home. Whether it be travel for your work or a family vacation, an accident can happen. Do you know how to prepare or what to do in case of an accident while in another state?
Each year, the National Highway Traffic Safety Administration collects information about traffic accidents, including collisions that cause fatalities. Recently, AVVO evaluated that data and reported their observations. And while AVVO is a directory that helps people find attorneys to represent them, their report of the risky driving times is interesting.
Warmer temperatures means more activities outside. Want to experience something new but don’t have much time? We have some fun suggestions for your Spring weekends that are just a short road trip away.
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